CBA raised chief executive Ralph Norris’s pay package by six per cent to $9.21 million in 2008-09, as his long-term share-based payments were increased. But Norris, his executive team and the directors of the bank will have their salary and fees cut this financial year, in a move CBA announced in April. Bank employees earning more than $100k will have their salaries frozen, while employees earning less will get a 1.5 per cent pay rise. (Business Day)

The Mortgage and Finance Association of Australia yesterday expelled 1500 of its members after they failed to meet a two-year deadline to show they had attained a minimum standard of education. (The Australian)

Executives are finding it tougher to get big pay rises during the downturn, but those who keep their companies performing well are getting paid more. (Herald Sun)